Ukraine can not pay off the bonds before Russia 3 billion dollars without violating the terms of the IMF program. The authorities have pledged to continue working to solve the problem.
MOSCOW, 17 Dec. The Ukrainian authorities are committed to good faith negotiations on Russian bonds, given the position of the International monetary Fund (IMF), said the Ministry of Finance.
“Ukraine cannot pay off the bonds for $ 3 billion without violating the terms of the IMF program”, — quotes Agency Bloomberg received an e-mail message from the Agency. The country has committed “to work together in good faith and in accordance with the objectives of the program supported by the IMF, on debt, without prejudice to its position on the basic debt”.
Ukraine on 13 November, completed the restructuring part of the debt, which affected securities previously purchased by commercial lenders, to $ 15 billion, of which $ 3 billion was written off. In early December, the IMF Executive Board lifted the ban on the continuation of the program of financing of the country if it defaulted on sovereign debt (indebted to the lender).
The maturity of the bonds for $ 3 billion Russia bought in late 2013, will expire on December 20. The IMF confirmed on Wednesday that Ukraine’s debt to Russia is official, and therefore, according to the rules of the IMF cannot be renegotiated on the same terms as the debt to private creditors.
The Ukrainian government interpreted this duty to the Russian Federation as commercial, as it was formed as a result of redemption of bonds to the Irish stock exchange. However, according to the IMF rules, the tool in this case is irrelevant. The status of the debt qualifies for the purchaser. Russia also indicates that Ukraine’s bonds have been purchased at non-market conditions (low interest rate).